Coalition Introduces Active Cyber Insurance in Germany
2024年8月1日 - 7:00PM
ビジネスワイヤ(英語)
With Capacity Provided by Allianz, Coalition
Now Offers its Innovative Cyber Insurance Solution to German
Businesses
Coalition, the world's first Active Insurance provider designed
to prevent digital risk before it strikes, today announced the
launch of its innovative Active Cyber Insurance in Germany through
its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s
offerings became available on August 1, 2024.
According to the Federal Financial Supervisory Authority
(BaFin)’s 2024 Risks in Focus Report, cyber-attacks and IT system
breakdowns are among the top threats to German businesses. German
businesses can now benefit from Coalition’s innovative Active Cyber
Insurance, which is designed to help businesses spot, mitigate, and
respond to emerging cyber threats. Active Cyber Insurance does more
than help businesses mitigate financial losses; it offers
policyholders access to cybersecurity tools to help them better
understand their risks, strengthen their defenses, and prevent
future attacks.
“German businesses are frequently targeted by cyber-attacks,
forcing them to spend significant time and resources dealing with
the aftermath,” said Joshua Motta, Coalition’s Chief Executive
Officer and co-founder. “Active Cyber Insurance doesn’t just
provide a safety net; it empowers businesses to actively defend
against these cyber threats. We’re excited to expand this unique
solution to Germany in our quest to protect more organizations
worldwide.”
Coalition now offers insurance products in Germany with capacity
provided by Allianz Global Corporate & Specialty SE in a
multi-year agreement. Coalition’s Active Cyber Insurance is
available to businesses with up to €1 billion in revenue on a
primary basis, with no minimum premium requirement. Coalition’s
Excess Cyber Insurance product is expected to be available in early
2025.
“As our Allianz Risk Barometer 2024 has shown again: cyber risks
are among the biggest threats to companies worldwide,” said Michael
Furtschegger, Allianz Commercial’s Regional Managing Director,
Germany & Switzerland. “We are now complementing our
established cyber product for complex risks of all kinds and
multinational requirements with Coalition's Active Insurance market
offering. This enables us to provide our German customers with even
better support in managing their cyber risks in a targeted manner,
recognising losses quickly and, in the best case, avoiding them
altogether.”
Allianz’s existing strategic partnership with Coalition includes
providing capacity for the company’s U.S., U.K., and Australian
cyber insurance programs. Oliver Bäte, Chief Executive Officer of
Allianz SE, joined the company’s Board of Directors in November
2023.
“The German cyber insurance market faces significant challenges,
including a shortage of skilled cyber experts, difficulties in
calculating premiums, and a lack of data,” said Martin Swider,
Coalition's Head of Business Development, Germany. “Coalition’s
data-driven approach to underwriting and risk management is
well-suited to tackle these issues, helping brokers and their
clients achieve comprehensive cyber coverage.”
Coalition offers a streamlined quoting process through its
end-to-end platform, allowing brokers to generate bindable quotes
in minutes. Coalition also provides extensive training materials
and resources to help brokers advise their clients on cyber
risk.
Through Coalition’s cyber risk management platform, Coalition
Control®, policyholders receive ongoing alerts about
vulnerabilities and cyber threats. This continuous monitoring helps
identify risks before they lead to incidents and business
disruptions. If an attack occurs, Coalition’s claims and incident
response teams will be available to help businesses quickly recover
and resume normal operations.
Brokers in Germany can start quoting now by submitting requests
directly to Coalition’s expert underwriting team at
help@coalitioninc.de. For more information about Coalition and
Active Insurance, visit: https://www.coalitioninc.com/de.
Coalition Insurance Solutions GmbH is registered in Eschborn,
Germany, and will continue expanding its local German workforce in
multiple cities. To learn about open positions, visit:
https://www.coalitioninc.com/careers.
About Coalition
Coalition is the world's first Active Insurance provider
designed to help prevent digital risk before it strikes. By
combining comprehensive insurance coverage and cybersecurity tools,
Coalition helps businesses manage and mitigate potential
cyberattacks. Leveraging its relationships with leading global
insurers and capacity providers, including Coalition Insurance
Company, Coalition offers Active Insurance products to businesses
in the U.S., the U.K., Canada, and Australia. Policyholders can
receive automated cyber alerts and access expert advice and global
third-party risk management tools through Coalition's holistic
cyber risk management platform, Coalition Control®.
Insurance cover is issued by German entity, Coalition Insurance
Solutions GmbH (“CIS DE”) (HRB 133708) (Vermittlerregisternummer
D-JEO5-724A4-24), an insurance agent cooperating in the German
market with Allianz Global Corporate & Specialty SE, (HRB
208312). This information with regard to the cyber insurance
products provided herein is of a general nature only and does not
take into account any person’s particular circumstances. All
descriptions of coverage are subject to the terms, conditions, and
exclusions of the individual policy. Before making a decision (or
advising your client), please refer to the relevant applicable
policy or by contacting your broker. CIS DE may receive
remuneration from an insurer. See imprint and disclaimers.
Copyright © 2024. All rights reserved. Coalition and the Coalition
logo are trademarks of Coalition, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801710248/en/
Marisa Graves Communications at Coalition
press@coalitioninc.com